US-based realty firm Hines on June 27 announced a joint venture with Conscient Infrastructure to develop a luxury housing project in Gurugram with an estimated cost of Rs 1,500 crore.
Hines and Conscient have together put in Rs 500 crore equity fund into the JV for development of housing project 'Elevate'. The land is owned by a local developer, IREO.
The JV will develop 556 apartments, to be initially sold in a price range of Rs 2.2-4 crore.
Hines is a global real estate investment firm with presence in 214 cities across 24 countries. It entered India in 2006 and has developed two prime office complex projects in Gurugram, including 'One Horizon Centre' in joint venture with realty major DLF.
"We have partnered with Conscient to develop our first residential project in India. It is high rise development with luxury positioning," Hines India MD (Development and Chief Risk Officer) Alex Felez Buchholz told PTI.
"With our international expertise and customer-focused approach and Conscient's understanding of the local markets, we have designed a project based on extensive customer research and market study," he added.
Conscient Director Rajesh Jain said the JV will construct 556 luxury housing units on 8 acre land parcel located in Sector 59, Gurugram.
"The construction work will start in July and project will be launched for sale in mid August," Jain said, adding the construction work would be awarded to a reputed contractor.
The JV has taken all necessary approvals, including registration with regulator under RERA, for development of this project, which is expected to be completed in the next three and half years.
Asked about the investment, Jain said the project cost is estimated at Rs 1,500 crore, including the land cost.
Hines India Senior Director Prachish Vasudeva said the company has made investment in this JV from its USD 250 million residential fund that was set up a few years ago.
He, however, declined to disclose how much fund Hines and Conscient have infused individually. Both JV partners also did not share the nature of agreement with land owners.
Elaborating more on project, Vasudeva said the JV would initially launch around 125 units for sale at a ticket price of Rs 2.2-4 crore. The unit size varies from 2,100 sq ft to 3,400 sq ft.
"We have thoughtfully designed this project. This will be a differentiated offering," he added.
Asked about other planned developments of Hines India, Buchholz said the US-based firm has formed a JV with DLF for a 2.5 million sq ft commercial complex in Gurugram. It has also partnered with Tata Housing and Shapoorji and Pallonji Real Estate for housing projects in Mumbai and Bengaluru.
Founded in 1975, Gurugram-based Conscient Infrastructure deals in luxury residential and commercial properties in India. It began as a construction company but ventured into real estate development 10 years back.